Chester Vodafone and Primark units sold for circa £8m

CBRE’s Manchester Capital Markets team has sold two prime retail units in Chester occupied by Vodafone and Primark for a combined sum of almost £8M.

Primark on Foregate Street was sold on behalf of Wellbeck to Primark for £5.91m representing a Net Initial Yield of 4.84%. Primark have been in occupation within the unit since 2012. Metis Real Estate acted for Primark.

On behalf of Hudson Advisors, 27 Eastgate Street was sold to Pervais Naviede Family Trust for £2m representing a Net Initial Yield of 5.95%. The property is let to Vodafone Ltd Retail until 2021 and occupies a prime location on the pedestrianised thoroughfare of Eastgate Street, directly opposite Browns of Chester and close to the entrance of The Grosvenor Shopping Centre. The top two floors of the unit comprise residential accommodation. Agent for the purchaser was Zameero.

Robert Woods, Director of Capital Markets at CBRE’s Manchester office, said;

“Chester is a popular historic Cathedral City and an important tourist destination, attracting over 8 million visitors per annum and despite prevailing market conditions, retailer demand for the city remains very strong. As at August 2014, there were 28 requirements for Chester against a national average of 13, ranking the City 25th of all PROMIS Centres in the UK.

“The properties on Eastgate Street and Foregate Street are situated in a prime position within the centre of Chester and will provide the investors with excellent opportunities for future returns.”